Mormon whistleblower calls church investments "a clandestine hedge fund"

[ADevilYouKhow]

Mormon whistleblower calls church investment portfolio "a clandestine hedge fund"

"60 Minutes" spoke with the whistleblower and a church official after SEC fine.

www.axios.com

Uhhh

 

[BaggerofTea]

Damn about almost 2 millennia later people just discovering the truth

 

[Macallik86]

Listened to this via Huffduffer.

As we as a country become less religious, someone really needs to start taxing these suckers.

The juelzing from the current church representative was laughable bad. Timestamped one of them:

 

[Hood Critic]

I watched the docuseries late last year (either on Netflix or HBO Max) it exposes how the mormon church leaders prop their followers up to create businesses in monopolized situations all to take well over half the business income.

When their leader was on the run from the Feds, he was getting something like $300K a week sent to him.

 

[Pull Up the Roots]

After his resignation, Nielsen filed a 74-page whistleblower complaint to the IRS that accused Ensign Peak of violating its tax-exempt status by directing money to for-profit businesses.

Nielsen’s complaint was later forwarded to the Securities and Exchange Commission, which said the church took great lengths to hide the size of its investments through shell companies and fake office addresses, the Washington Post reported.

The church paid $5m to resolve its SEC case in February.

Such a small penalty to resolve a billion dollar fraud scheme doesn't seem right.

Nielsen’s interview with 60 Minutes is one of the first times he has given public comment on the report.

“We gave the IRS and the SEC all the professional courtesy,” Nielsen said. “This is just too important to fall through the cracks.”

But experts say that the likelihood of the IRS investigating Nielsen’s claims is low.

“The political risk is so great that it comes with real danger,” former IRS official Phil Hackney said during the 60 Minutes segment. “At the same time, there’s a real risk to the rule of law if the IRS doesn’t come in and enforce those rules.”

Mormon church has $100bn ‘clandestine hedge fund’, says whistleblower

Former church investment manager claims funds were intended for charity work but spent on for-profit initiatives as a tax dodge

www.theguardian.com

 

[mastermind]

Such a small penalty to resolve a billion dollar fraud scheme doesn't seem right.

That's America. These wealthy corporations and companies do depraved shyt and steal because they know the fine is a pittance of what they actually made.